Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 2.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,692 shares of the company’s stock after selling 403 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Crinetics Pharmaceuticals were worth $493,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CRNX. LPL Financial LLC grew its position in shares of Crinetics Pharmaceuticals by 23.7% during the fourth quarter. LPL Financial LLC now owns 6,071 shares of the company’s stock worth $310,000 after buying an additional 1,162 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in Crinetics Pharmaceuticals by 9.9% in the fourth quarter. Alliancebernstein L.P. now owns 101,720 shares of the company’s stock valued at $5,201,000 after purchasing an additional 9,190 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Crinetics Pharmaceuticals by 13.6% in the fourth quarter. Geode Capital Management LLC now owns 2,098,841 shares of the company’s stock valued at $107,339,000 after purchasing an additional 250,708 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Crinetics Pharmaceuticals by 18.9% in the fourth quarter. Wells Fargo & Company MN now owns 100,916 shares of the company’s stock valued at $5,160,000 after purchasing an additional 16,025 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in Crinetics Pharmaceuticals by 16.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 63,077 shares of the company’s stock valued at $3,225,000 after purchasing an additional 8,751 shares in the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Trading Down 2.3%

Shares of NASDAQ CRNX opened at $27.88 on Friday. Crinetics Pharmaceuticals, Inc. has a twelve month low of $24.10 and a twelve month high of $62.53. The stock has a 50 day moving average of $30.66 and a two-hundred day moving average of $32.43. The stock has a market cap of $2.61 billion, a P/E ratio of -7.30 and a beta of 0.33.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($1.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.13) by ($0.10). The business had revenue of $1.03 million during the quarter, compared to the consensus estimate of $0.52 million. During the same period in the prior year, the company posted ($0.94) EPS. The company’s revenue was up 158.4% compared to the same quarter last year. As a group, research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 97,483 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $32.23, for a total value of $3,141,877.09. Following the completion of the sale, the insider owned 99,713 shares in the company, valued at approximately $3,213,749.99. The trade was a 49.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CRNX shares. The Goldman Sachs Group started coverage on Crinetics Pharmaceuticals in a report on Thursday, July 10th. They issued a “neutral” rating and a $36.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $69.50.

Crinetics Pharmaceuticals Profile

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.